Tech markets continued the great work from Friday as consumers continued to bid up the Nasdaq and Nasdaq 100. Large Caps posted small losses however this was extra about consideration elsewhere than any Large Cap specifics.
The Nasdaq skilled a mini-breakout from the consolidation during the last three days (merchants on the hourly time-frame might discover some pleasure right here) which retains the index on target to check bigger higher channel resistance. Technicals are internet bullish however its relative efficiency towards peer indices which is doing notably properly; Large Caps particularly.
The Russell 2000 stopped the rot because it dug in at rising help. However, the check of help will in all probability take one other dip in a play to knock out stops. Another spherical of sideways motion is probably going but when it may possibly maintain above 1,420 then long run consumers might get a brand new probability to take a chew of the cherry.
Action within the Semiconductor Index was extra muted than Tech indices however consumers of the Nasdaq and Nasdaq 100 would require participation from Semiconductors to maintain any long run advance in these indices. Unfortunately, regardless of the good points within the aforementioned indices, the Semiconductor Index is scuffling with the June bearish engulfing sample and must eat the availability generated from this sample if Nasdaq and Nasdaq 100 features are to carry.
For the week forward, control the Semiconductor Index and Small Caps. Consider a unload within the Russell 2000 as a attainable shopping for alternative until the 1-day losses are higher than 1%.
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SOURCE: Fallon Financial Commentary – Read complete story here.